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HomeMy WebLinkAbout0936 , , ' . ( 3 ~ _ ' ~ . If Lender requirod mortgage in:urance as s oondition of making the losn securod by this Secdn{y Instrur~e~~..', Horro~ver shall pay the prcmiums required to maintain the inaurana in edoct untii :uch time as ihe requirement tor the insura~ce terminates in accordsna with Hornower's and Lender'a Mrittrn agreement or applicable taw. S. Iwpe~doe. Ltnder or its ~ent may make reasonsble entria upon ~nd inapertions of the Propeny. Lender ahall give Borrower notice at the time otor priono an in;p~ction ~pocifying ressonabk cause tor the inspoctioo. 9. Coademaadoa. 'The proceeds of any award or claim for dam~ges~ direct ot consoquential~ in connection with any oondemnution or other talcing of ai~y part of the Ptoperty. or for conveyance in lieu ot condemnation~ are hereby usi~nod ac~d ~1! be p~id to Le~er. ~ In the event of a totsl taking of the Pro~rty. the procoeds shall be applied to the sums securod by this Security Inatrument~ whether or nat tbrn due~ ~vitb any excess paid to Bamower. l~ the event of a partial talcing of the Property. unkaa Bonower and Lender otherwiae agree in writing, the auma aecurod by thia Security Inttrument shsll be reduced by - the amount of the procecda multipiied by the following fraction:. (a) the total amount of the sums secured immodiately 'before the t~lcing~ divided by (b) the fair muket value o! the Property immediately befon the taking. Any balance shall be paid to Borrower. - ' lf the Property ia abandoned by Borrower, or if, after notioe by Lender to Borcower that the condemnor ofters to make an awud oi aettk a claim for damsges~ Borrower fails to rapond to Lender within 30 days aRe~ the date the notice is ~ ~iv~n, Lmder is authorizod to oollect and spply the proceods~ at ita option~ ather to restoration or repsir of the Property or to the stuna securod by thia Socurity In~trumrnl~ whether or not tha~ due. Unless I,etider and Borcower otherovise ag~ee in writina, any applieation of proceeds to principal shall not eat~nd or postpone the due date of tbe monthly psyments referred to in paragraphs i and 2 or change the an~Qunt of such payments. 10. Horrower Not Reld~ed; Forbearance By Leader Not a Wai~er. Extension of tha time for payment or modiBcution oi' unortiution of the suma secwed by this Security Inatrument graated by L,ender to any successor in interest of Boao~er ahall not operate to release the liability of the original Horrower or Borrower'a successors in interest. Lmder shaU not be requirod to oommena proceedings against any successor in interat or rdust to axtend time for paymrnt or otherwise modify amortiution otthe swns secured by this Security Instrumtnt by reason of any drmsnd made by tht original Borcower or Borrower'a succassors in interest. My forbearan~e by Lender in exercising any right or remody shaU not be s waiver of or preclu~ the exercise of aay right or nmody. ~ 11. Suoeasa~ra aAd A»i~o~t Boupd; Jotet ~d Se~en! LtabUity; Gr~d~aers. The covenants and agreements of - tAia Socurity instrument shall bind uid benefit the sucoessors and assigns of L,ender and Borrower, subject to the provisions of pangnph 17. Horrowet's coveaants and agoements shall be joint and several. Any Borrower who co-signs this Se~urity Instnament but does not eaeeute the Note: (a) is oo-signing this Security Instrument only to mortgage, grant snd convey that Horrower's interest in the Property under the terms of this Socurity lnstrument; (b) is not penonally abGgatod to pay the aums securod by this Security Instrument; and (c) agras that Lender and any other Bonower may agree to extend~ modify, forbear or make any sccommodations with regard to the terms o! this Security Instrumcnt or the Note w?thout tbat Borrower's consent. 12. I.oan Cbarga. If the loan socured by this Socurity Instrument is subjoct to a iaw which xts maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collxted or to bt collected in connection with the loan eacud the-permitted limits, then: (a) any such loan charge shall be roducxd by the amount necessary to reduce the charge to the permitted timit; and (b) any sums already collected from Bonower which excooded peimitted limits wil! be refunded to Borrower. Lender may choose to make this refund by roducing the principal owed under the Note or by making a dirxt payment to Borrower. If a refund reduces principal, the raduction will be treated as a partial prepsym~nt withaut any prepaymait charge under the Note. 13. I.e~fslattoa AffeM[ag Leader's Rig6ts._ If enactment or eapiration ot applicable laws has the eff'ect of rrndering any provision of the Note or this Security instrumrnt unenforceable sccording to its terms, Lender. at its option, , tday roquire immodiate payment in fuA of all sums secured by this Socurity Instrument and may invoke any remedies permittod by paragraph 19. If Lender ea~ercises this option, Lertder shall take the steps spocified in the second paragraph of i P~S~Ph 17. ~ 14. Natica. Any notice to Borrower providcd for in this Security Instrument shail be given by delivering it or by mailing it by first class mail unlas apglicable taw roquires use of another meihod. The notice shall be directcd to the - Property Address or any other addras Borrower designata by noticc to Lender. Any notia to Lender shall be givcn by trst clsss mail to I,ertdet's addreas stated herein or any other address Lendtr designates by notice to Borrower. Any notice pmvidod for in this Socurity Instrument shall be damed to have ban given to Bonower or Lender when givcn as provided in thia puagraph. iS. Go~eratng Lw; SerentbUlty. This Security Instrument shall be governed by federal law and the law ot the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note c~ot~flicts arith applicable law. such conflict shall not affcct other provisions of this Security Instrument or the Note which csn be given effect without the con8icting provision. To this end tho provisions of this Security Instrument and the Note ue doclared to tie severable. 16. Horrower's Copy. Honower shaU be given one conformed copy of the Note and of this Security Instrument. 17. Tra~fer ot the Proptrty or a BeaeBciai Iaterest in Horrower. If all or any part of the Property or any interest in it is sold or transferted (or if a beneficiul interat in Horrower is sold or transferrod and Bonower is not a natural person) w~ithout Lender's prior writtrn consent~ Lender may. at its option, require immediate payment in full of all sums secured by this Socurity Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by ledenl law as af the dAte of this Security Instrument. ~ If Lender exercises this option~ Lender shali give Borrower notice of acceleration. The notice shali provide a period of not less than 30 days f~om the dste the notic:e is delivered or mailed within which Borrower must pay all sums securod by this Security Instniment. If Bonower fails to psy thae sums prior to the expiration of this period. Lender may invoke any temtdia permittod by this Security lnstrument without further notice or demand on Borrower. l8. B~rrower's Right to Rein~tate. If Horrower mats certain conditions, Borrower shall have the right to have enforcemtnt of this Security Instrument discontinuod at any time prior to the earlier of: (a) S days (or such other period as spplicable law m$y specify for reinstatement) before sale of the Prop~rty pursuant to any power otsale contained in this S~curity Instrumrnt; ar (b) entry of s judgment rnforcing this Security Instrument. Those conditions are that Borrower: (a) pays L,ender all sums which then would be due under this Security Instrument and the Note had no acceleration osxutttd; (b) cures any default ot any other covenants or agroements; (c) pays a11 sxpensa incurred in rnforcing this Security lnstrument, inctuding~ but not limited to. reasonable attorneya' fees; and (d) takes such action as Lender may rasonably require to sasurc that the lien of this Security Instrument~ l.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security instrurnent shall continue unehau~god. Upon r~instatement by Borrower. this Security lnstrument and'the obtigations securai hereby shall remain fully effective as if no acceleration had occurred. However, this right ta reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. R 0 R t~b'z PAGE ~9V ~oax 563 ~A~E 9~~ _ _ : ~ _ _ _